After starting on a promising note, the benchmark indices slipped into the negative territory and ended with around a per cent loss on Wednesday as worries over economic downturn due to the extension of the nationwide lockdown weighed on the investor sentiment. Additionally, IMF's statement on Tuesday that the global economy faces the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic also dented the investor confidence.
The S&P BSE Sensex slipped 310 points or 1 per cent to settle at 30,380 levels. The index hit a high of 31,568.36 levels during the day.testing.. we are here....
HDFC Bank, Reliance Industries (RIL), HDFC, and Bajaj Finance contributed the most to the index's fall. On the contrary, FMCG bellwether Hindustan Unilever (HUL) ended as the top gainer - up 6 per cent.
On the NSE, the frontline index Nifty shed 68.55 points or 0.76 per cent to 8,925.30 levels. India VIX, the volatility index, fell around 4 per cent to 49.4025 levels.
Sectorally, Nifty Bank declined over 2 per cent to 19,057 levels while Nifty Financial Services index dropped 2.75 per cent to 9,239 levels.
On the other hand, Nifty Realty index gained nearly 2 per cent to 180 levels.
Among individual stocks, Bharti Airtel became the fifth most valuable listed company in terms of market capitalisation (m-cap) after the stock surged 16 per cent in the past three days on expectation of good Q4 earnings. The telecom service provider has surpassed mortgage lender Housing Development Finance Corporation (HDFC). The stock ended 0.29 per cent lower at Rs 510 apiece.
Shares of Metropolis Healthcare slumped as much as 14 per cent to Rs 1,152 on the BSE on Wednesday after more than 13 per cent of the company's equity changed hands via block deals in early morning trade. The stick closed at Rs 1,258.95, down over 6 per cent.
Shares of Motherson Sumi Systems (MSS) advanced 15 per cent to Rs 72.60 on the BSE on Wednesday after the company’s board gave in-principle approval to raise Rs 1,000 crore to enhance liquidity during the uncertain times of coronavirus pandemic (Covid-19).
Wipro on Wednesday posted a 6.3 per cent year-on-year (YoY) decline in its net profit at Rs 2,326.1 crore for the quarter ended March 31, 2020. On a sequential basis, the numbers slipped 5.28 per cent.
Revenue from operations stood at Rs 15,711 crore, up 4.69 per cent against Rs 15,006.3 crore in the corresponding quarter of the previous fiscal. IT Services Segment Revenue was at $2,073.7 million, a decrease of 1 per cent QoQ while IT Services Operating Margin for the quarter was at 17.6 per cent, a decrease of 0.8 per cent QoQ. Read by: Sukanya Roy